Debtors

News & Analysis as of

Uniform Voidable Transactions Act Signed Into Law by Iowa Governor

Iowa Code 674 Uniform Fraudulent Conveyance Act amendments were signed by the Iowa Governor on March 31, 2016. A successor to the Uniform Fraudulent Transfer Act (UFTA), this newly-signed Act is now known as the Uniform...more

New Delaware Chapter 11 Filings – Vertellus Specialties, Inc. et al.

Vertellus Specialties, Inc., a global manufacturer of fine and specialty chemicals, and ten affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

Take Notice of This Change: Supreme Court Adopts Recommended Amendments to Bankruptcy Notice of Payment Change Rule

Come December, the requirements surrounding notices of payment change (“PCNs”) for certain mortgage loans in bankruptcy will change. The Supreme Court, on April 28, 2016, adopted various proposed amendments to the Federal...more

Ninth Circuit Bankruptcy Appellate Panel Holds that an Oversecured Creditor Is Entitled to Default Interest After the Petition...

In Wells Fargo Bank, N.A. v. Beltway One Dev. Grp., LLC (In re Beltway One Dev. Grp., LLC), 547 B.R. 819 (B.A.P. 9th Cir. 2016), the Ninth Circuit Bankruptcy Appellate Panel recently held that an oversecured creditor is...more

R&I Update: Hot Topics in Oil and Gas Restructurings, Volume 3: Yes, Gathering Agreements Can Be Rejected as Executory Contracts...

Reuters recently reported that “the rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt[.]” In March, we described how surging...more

Purchasing a Corporation in Maryland? “Mere Continuation” Rule Just Became Clearer

The Maryland Court of Appeals (the “Court”), the state’s highest court, in Phillip Martin, v. TWP Enterprises Inc. (No. 1855, Sept. Term, 2014, decided Feb. 24, 2016, Leahy, J.) addressed what it identified as the third...more

Changes to Act 91 Notice of Intention to Foreclose

In April of 2016, the Pennsylvania Housing Financing Agency (“PHFA”) published final amended regulations in connection with the Homeowner’s Emergency Mortgage Assistance Program (“HEMAP”). A number of the changes deal with...more

Eleventh Circuit Holds That Debt Collection Letters Sent to a Consumer’s Attorney Qualifies as a Communication With a Consumer...

Following the Eleventh Circuit’s decision in Bishop v. Ross Earle & Bonan, P.A., No. 15-12585, creditors and debt collectors should immediately review their practices to ensure that any communication to a debtor or a debtor’s...more

Risks of Withdrawing a Case: Reciprocity of Attorneys’ Fees in Connecticut Consumer Contract Default Actions

Lenders beware! If you have brought an action to seek recovery of a defaulted consumer loan whether it be foreclosure or a breach of contract action, Connecticut has a statutory scheme which provides that the debtor, if it...more

Public Policy Overrides the Confidentiality of Tax Returns in California in Connection With a Judgment Debtor Examination

The Court of Appeal of the State of California – First Appellate District in Li v. Yan (5/2/16 – Case no. A144994) affirmed the trial court’s ruling that a judgment debtor’s tax returns are not privileged from disclosure in...more

Preference Defendants, Rejoice! Services Billed in a Lump Sum Can Be Allocated Per Diem, for Your New Value Defense

Preference actions are, for the most part, insanity. We won’t go on a tirade here. But recently, a ruling brings common sense to the “new value” defense....more

UCC Standing Blocked in Recent Sabine Decision

What showing must creditors make to be granted the right to prosecute claims on behalf of the bankruptcy estate? Under the widely recognized standard established by the Second Circuit in In re STN Enterprises, a bankruptcy...more

Eighth Circuit Concludes that Post-Judgment Actions are not Subject to the FDCPA's Venue Provision and Equitable Tolling does not...

Hageman v. Barton, No. 14-3665, 2016 WL 1212235 (8th Cir. Mar. 29, 2016) - In Hageman v. Barton, the U.S. Court of Appeals for the Eighth Circuit held that registration of a foreign judgment and related garnishment...more

Bankruptcy Court Chips Away at Bankruptcy Remoteness of Special Purpose Vehicles

A Chicago bankruptcy court declined to dismiss the Chapter 11 case of a “bankruptcy remote” limited liability company even though the debtor failed to obtain the unanimous consent of its members as required by its operating...more

Illinois Bankruptcy Court Nullifies Lender's Right To Block Debtor's Bankruptcy Filing

Often, as part of a forbearance agreement, a lender will obtain a provision requiring its consent to any subsequently filed bankruptcy; the theory being that if the business debtor subsequently defaults under its restructured...more

Ninth Circuit Rulings on Equitable Mootness in Transwest and Sunnyslope Impact Third Party Investors

The doctrine of equitable mootness provides that Chapter 11 reorganization plans will be deemed moot, and therefore not subject to appellate review, if a plan has been substantially consummated and granting appellate relief...more

Dot Your “I”s and Cross your “T”s: When It Comes to Perfecting Your Security Interest

It always starts so easy. Borrower comes in and wants to borrow money. Lenders want some form of collateral to secure (potentially) a loan and the Borrower happily agrees to provide, or pledge, collateral to secure a loan. ...more

Debt Collection and Unfair Trade Practices

Today we return to the vexing relationship between N.C. Gen. Stat. § 75-1.1 and the North Carolina Debt Collection Practices Act. The Debt Collection Act says that its “specific and general provisions . . . shall exclusively...more

Additional Delaware Chapter 11 Filings Related to Abeinsa Holding Inc. (Case No. 16-10790)

On April 6, 2016, eight additional affiliates of Abeinsa Holding Inc. filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware. These entities include Abener Teyma Hugoton General...more

The Ultimate Arizona Bankruptcy Guide – Pt. 5 – The Automatic Stay

People don’t want to file for bankruptcy. Often the decision to file for bankruptcy only occurs after a point is reached where something financially painful is about to happen. Wage garnishment. Foreclosure. Debt collection...more

March 2016 Bankruptcy & Restructuring Litigation Update

Background. The NBC is an invitation-only organization dedicated to improving the Bankruptcy Code and its administration. It consists of 60 conferees, themselves the nation’s leading bankruptcy judges, professors, and...more

Another Alternative Fee Arrangement Bites the Dust

On March 16, 2016, Judge Shannon of the U.S. Bankruptcy Court for the District of Delaware rejected a proposed fee structure for Baker Botts L.L.P., which was proposed counsel to the debtors in In re New Gulf Resources, LLC. ...more

The Court Doesn’t Care

Did you have to stop paying your bills because you lost your job, got sick, go divorced? The court doesn’t care. Are you in debt because your business that you worked night and day at failed? The court simply does not care....more

Second Circuit Holds that State Law Constructive Fraudulent Transfer Claims Brought By Individual Creditors are Preempted under...

On March 24, 2016, the U.S. Court of Appeals for the Second Circuit (the “Court”) ruled that former shareholders of the debtor Tribune Media Company (“Tribune”), who were cashed out in a leveraged buyout (“LBO”), would be...more

Court Confirms Bankruptcy Filing Prevents Expiration of Judgment Creditor's ORAP Lien

Judgment creditors can use a variety of procedures when seeking to enforce a civil money judgment. One important procedure is obtaining an Order for Appearance and Examination of the Judgment Debtor (“ORAP”). The ORAP...more

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